Friday November 8, 2019 0 comments
BOULDER -- New Jersey-based Edison Partners announced it led a $12 million growth investment in Anonos, a data privacy and enablement technology platform provider with operations in Boulder, New York and London.
Anonos said it will use the capital to drive market adoption for its pioneering Privacy Rights Management® solutions that enable organizations to lawfully use personal data and still respect and comply with data privacy rights.
Data privacy platforms are part of the $124 billion worldwide market for information security solutions and growing at double the rate of the overall market. Data privacy is top of mind with new laws such as the EU General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), and proposed U.S. federal privacy laws.
All of these regulations include steep fines to companies for privacy violations. Anonos said its patented solution enables full compliance with data privacy laws while also allowing data to continue to be distributed, shared and combined for use in business decisions, analysis, AI and ML applications.
“Companies are waking up to data privacy as a strategic and competitive advantage,” said Daniel Herscovici, partner at Edison Partners.
“Anonos offers the most sophisticated and accurate way for companies to realize customer data insights while fully complying with the GDPR and pending data privacy laws.”
The Anonos Variant Twin® system leverages dynamic pseudonymisation to replace personal identifiers, such as a person’s name and date of birth, with unique de-identifiers that prevent attribution of the data to a specific person without permission.
Privacy policies are digitally embedded in the data to automatically protect the data from unauthorized use when it’s shared within or outside of an organization.
The controls also enable the relinking of de-identifiers back to individuals to support lawful business purposes. Anonos calls this process Privacy Rights Management.
“Similar to how iTunes and Netflix on behalf of publishers use Digital Rights Management to control use of music and movies, Privacy Rights Management introduces businesses to data protection by design and by default to control the use and sharing of personal data,” said Anonos co-founder and CEO Gary LaFever.
“At this pivotal time when policymakers and businesses have an opportunity to establish a shared ethical framework for data privacy, Anonos supplies the missing technological ingredient of digital controls that ensure lawful, ethical and sustainable data use, sharing and combination.”
“With Anonos, we’ve reconciled the fundamental tension between data privacy and data value,” said Anonos co-founder and President Ted Myerson.
“Business leaders, data scientists and data privacy leaders who have historically faced the either-or choice of being compliant or having highly accurate data available for decision-making can now have both.
“We’re thrilled to have Edison Partners’ and partner Daniel Herscovici backing Anonos as we expand the availability of our platform globally to foster data-driven innovation in a privacy-respectful way.”
Named as a Gartner “Cool Vendor,” Anonos provides its technology directly and via sell-through arrangements. They are actively engaged with large enterprises in heavily regulated sectors including financial services, healthcare and telecommunications.
Anonos has seven granted patents and more than 70 additional pending domestic and international patents related to its technology.
“Business partners for 18 years, Gary LaFever and Ted Myerson develop technology that helps organizations turn regulation into a competitive advantage. They have operational expertise developing global businesses, a history of seeing marketplace needs before they arrive, and the vision and experience of building complex platforms in response to those marketplace trends,” said Herscovici.
“We’re excited to partner with Anonos to accelerate and expand their technology platform across financial, healthcare, telecom and other data-driven industries that rely on sustainable consumer data insights.
Anonos’ co-founders previously founded FTEN, the fastest-growing software company on the Inc. 500 list two years in a row with revenue growth of 28X and 45X, which was acquired by NASDAQ for its real-time data risk management technology that NASDAQ integrated into 100+ exchanges around the globe to enable advanced electronic trading while simultaneously reducing systemic risk in financial marketplaces.